DIGITAL TRANSFORMATION ENHANCES ENTERPRISE VALUE： MECHANISMS OF DYNAMIC CAPABILITIES AND RESOURCE RECONFIGURATION

Abstract

This study examines the impact of digital transformation on enterprise value, utilizing a
comprehensive dataset of Chinese listed firms from 2010 to 2022. By adopting a quantitative approach
based on panel regression models, the study empirically explores both the direct and indirect pathways
through which digital transformation enhances firm value. The analysis incorporates key mediating
variables, including financing constraints, innovation capability, risk-taking behavior, and operational
efficiency. Findings demonstrate that digital transformation significantly increases enterprise value, and
this relationship is partially mediated by improvements in R&D investment and resource reconfiguration.
The study also examines the time effect and interaction intensity of digital engagement, revealing that
both the duration and depth of transformation amplify its positive impact. These results contribute to the
literature on the resource-based view and dynamic capabilities by clarifying the mechanisms through
which intangible digital assets generate long-term competitive advantages. The study offers practical
insights for corporate decision-makers, emphasizing the importance of sustained and strategically
aligned digital investment. Limitations and directions for future research are discussed, particularly
regarding cross-industry comparisons and alternative measurements of digital maturity.